The Financial Times says Apple is no longer the world's largest public company, when defined by enterprise value, which includes debt and subtracts cash to give a more complete picture of a firm's worth.

Alphabet overtook Apple in December and is now valued at $420 billion compared with the latter's $393 billion. Measured by market cap, Apple still remains bigger, at $535 billion versus the search giant's $485 billion.

Alphabet Inc. is an American multinational conglomerate created in 2015 as the parent company of Google and several other companies previously owned by or tied to Google. At its most basic level, Google is just renaming itself "Alphabet" and creating a subsidiary business called "Google." The "new" Google will continue as the consumer-facing brand and will run all the products you've heard of, including search, Android, YouTube, Maps and Google Apps.

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